NJ Biofuel Co. Owner Gets 20 Years For Fraud Scheme

By Carmen Germaine (January 8, 2016, 3:35 PM EST) -- A New Jersey man who admitted to illegally collecting millions in fraudulent biofuel tax credits through his two biofuel companies was sentenced on Thursday to 20 years in prison and ordered to pay $56 million in restitution, the U.S. Department of Justice announced.

Joseph Furando, 50, was sentenced in Indiana federal court by U.S. District Judge Sarah Evans Baker to the maximum applicable sentence for his role in a $145.5 million scheme to fraudulently sell biodiesel incentives, and was ordered to pay $56 million in restitution along with his two New Jersey companies and several Indiana co-defendants. Furando also agreed in...

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